Top seven trends every CEO should know about the Future of Retail
Sudden changes prompted by COVID-19 have driven retailers to accelerate the digitisation of their businesses in 2020.
In discussions with leaders across the sector, KPMG found five areas where retail executives are applying new technology and tactics to contend with a highly fluid social, economic and health environment which include:
- Managing demand fluctuations, including supply chain rebalancing and optimisation and category management.
- Shoring up cash reserves.
- Protecting people, including adapting in-store experiences with contactless payments, checkout-less stores and curbside delivery.
- Planning for longer-term supply challenges.
- Strengthening customer relationships and experiences through personalisation, using loyalty data and anticipating seasonal needs and trends.
Some retailers are developing or refreshing crisis management and contingency plans, including ‘survival minimum’ scenarios, and planning for the long haul. This includes revisiting and digitising processes, preparing for team members to work remotely long term and capturing increasing demand for digital services.
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